SOLUTION: supply and demand equation where x represents the quantity demanded in units of 1000 and p is the unit price in dollars, find the equilibrium quantity and the equilibrium price. 2x
Algebra ->
Linear-equations
-> SOLUTION: supply and demand equation where x represents the quantity demanded in units of 1000 and p is the unit price in dollars, find the equilibrium quantity and the equilibrium price. 2x
Log On
Question 1106693: supply and demand equation where x represents the quantity demanded in units of 1000 and p is the unit price in dollars, find the equilibrium quantity and the equilibrium price. 2x+7p-56=0 and 3x-11p+45=0 Answer by greenestamps(13209) (Show Source):
Simply solve the pair of equations by any method you like.
For pairs of linear equations like these, my preference is to use the elimination method.
Multiply the first equation by 3 and the second by -2 and add; that eliminates variable x so you can solve for p. Then substitute the p value into either original equation to solve for x.
